Derivatives (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table details our net volume positions by commodity as of June 30, 2023:

Production Period	Volumes	Weighted Average Fixed Price			Fair Value
Crude oil swaps (Bbls):	(in thousands)				(in thousands)
WTI
2023	6,217	$63.16			$	(44,637)
2024	10,201	$65.72			(28,329)
Brent
2023	266	$52.52			(5,822)
2024	276	$68.65			(1,190)
Crude oil collars – WTI (Bbls):
2023	1,457	$55.63	-	$74.03	(6,732)
2024	644	$60.00	-	$68.02	(1,685)
2025 (1)	1,460	$60.00	-	$85.00	(4,352)
Natural gas swaps (MMBtu):
2023	28,595	$2.91			(1,425)
2024	9,604	$4.14			5,567
Natural gas collars (MMBtu):
2024	18,300	$3.38	-	$4.56	3,585
Crude oil basis swaps (Bbls):
2023	2,392	$1.26			(844)
2024	3,568	$1.50			(1,086)
Natural gas basis swaps (MMBtu):
2023	14,922	$(0.29)			(325)
2024	835	$(0.28)			(101)
Calendar Month Average ("CMA") roll swaps (Bbls):
2023	2,484	$0.21			281
2024	3,568	$0.32			(57)
Total					$	(87,152)

(1)     Represents outstanding crude oil collar options exercisable by the counterparty until December 16, 2024.

Schedule of Offsetting Assets

The following table shows the effects of master netting arrangements on the fair value of our derivative contracts as of June 30, 2023 and December 31, 2022:

	Gross Fair Value		Effect of Counterparty Netting		Net Carrying Value
	(in thousands)
June 30, 2023
Assets:
Derivative assets – current	$	29,930	$	(10,346)	$	19,584
Derivative assets – noncurrent	20,489		(12,749)		7,740
Total assets	$	50,419	$	(23,095)	$	27,324
Liabilities:
Derivative liabilities – current	$	(117,732)	$	10,346	$	(107,386)
Derivative liabilities – noncurrent	(19,839)		12,749		(7,090)
Total liabilities	$	(137,571)	$	23,095	$	(114,476)
December 31, 2022
Assets:
Derivative assets – current	$	21,880	$	(7,002)	$	14,878
Derivative assets – noncurrent	10,338		(10,338)		—
Total assets	$	32,218	$	(17,340)	$	14,878
Liabilities:
Derivative liabilities – current	$	(319,977)	$	7,002	$	(312,975)
Derivative liabilities – noncurrent	(74,075)		10,338		(63,737)
Total liabilities	$	(394,052)	$	17,340	$	(376,712)

Schedule of Offsetting Liabilities

The following table shows the effects of master netting arrangements on the fair value of our derivative contracts as of June 30, 2023 and December 31, 2022:

	Gross Fair Value		Effect of Counterparty Netting		Net Carrying Value
	(in thousands)
June 30, 2023
Assets:
Derivative assets – current	$	29,930	$	(10,346)	$	19,584
Derivative assets – noncurrent	20,489		(12,749)		7,740
Total assets	$	50,419	$	(23,095)	$	27,324
Liabilities:
Derivative liabilities – current	$	(117,732)	$	10,346	$	(107,386)
Derivative liabilities – noncurrent	(19,839)		12,749		(7,090)
Total liabilities	$	(137,571)	$	23,095	$	(114,476)
December 31, 2022
Assets:
Derivative assets – current	$	21,880	$	(7,002)	$	14,878
Derivative assets – noncurrent	10,338		(10,338)		—
Total assets	$	32,218	$	(17,340)	$	14,878
Liabilities:
Derivative liabilities – current	$	(319,977)	$	7,002	$	(312,975)
Derivative liabilities – noncurrent	(74,075)		10,338		(63,737)
Total liabilities	$	(394,052)	$	17,340	$	(376,712)

Schedule of Derivative Contracts on Operations

The amount of gain (loss) recognized in gain (loss) on derivatives in our condensed consolidated statements of operations was as follows for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
	(in thousands)
Derivatives not designated as hedging instruments:
Realized gain (loss) on oil positions	$	(26,407)	$	(146,765)	$	(64,512)	$	(246,856)
Realized gain (loss) on natural gas positions	6,680		(93,630)		(9,856)		(143,475)
Realized gain (loss) on NGL positions	11,079		(26,469)		18,563		(52,334)
Total realized gain (loss) on derivatives	(8,648)		(266,864)		(55,805)		(442,665)
Unrealized gain (loss) on commodity hedges	42,235		89,655		239,702		(408,030)
Gain (loss) on derivatives	$	33,587	$	(177,209)	$	183,897	$	(850,695)